TORONTO, Feb. 18, 2015 /CNW/ - Arnold T. Kondrat announces that he has purchased for cash 3,500,000 common shares (the "Purchased Shares") of Loncor Resources Inc. (the "Company") at a price of Cdn$0.06 per share pursuant to a non-brokered private placement financing (the "Financing") closed today by the Company. Reference is made to the Company's press release issued today announcing the closing of the Financing.
The Purchased Shares represent 4.3% of the currently outstanding common shares of the Company, taking into account the completion of the Financing. Taking into account the acquisition of the Purchased Shares, Mr. Kondrat now owns and controls 13,800,818 (or 16.95%) of the outstanding common shares of the Company. He also holds 400,000 stock options granted under the Company's stock option plan such that, assuming the exercise of these stock options, he would own and control on a fully diluted basis 14,200,818 (or 17.35%) of the outstanding common shares of the Company.
Mr. Kondrat acquired the Purchased Shares for investment purposes and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Mr. Kondrat is a director and officer of the Company. His address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3, Canada.
SOURCE Arnold T. Kondrat
For further information: or to obtain a copy of the early warning report in connection with the foregoing, please contact: Arnold T. Kondrat, Phone: (416) 366-2221, Fax: (416) 366-7722